Tibco Software sees fourth-quarter results below estimates
(Reuters) - Business software maker Tibco Software Inc (TIBX.O) estimated fourth-quarter results below analysts' expectations on poor performance in the Americas.
Tibco's shares were down 15 percent after the bell. They closed at $24.72 on the Nasdaq on Tuesday.
Tibco estimated adjusted earnings of 37 cents to 38 cents on revenue of between $292 million and $295 million.
Analysts on average were expecting earnings of 44 cents per share on revenue of $315.9 million, according to Thomson Reuters I/B/E/S.
"We could have done better executing in our core infrastructure business, particularly in the Americas," Chief Executive Vivek Ranadivé said in a statement.
There were additional factors such as government spending pullbacks and deal delays caused by superstorm Sandy that had a "real and tangible impact", he said.
Tibco makes software to coordinate business processes and manage workflow and competes with companies like Progress Software Corp (PRGS.O) and bigger vendors like Oracle ORCL.O.
The company removed its U.S. head of sales in June as it restructured its business in its biggest market.
Tibco is scheduled to report fourth-quarter results on December 20.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Supriya Kurane)
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